Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,215,477,791,810	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,215,477,791,810

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2,784.61	4.71%	61,905.81	61,905.80	61,905.81

Price Change

Price Change %

Current Price

Bid Price

Offer

2,784.61

4.71%

61,905.81

61,905.80

61,905.81

High Price	Low Price	Open Price	Prev. Close	52 Week Range
62,205.52	58,821.05	59,076.58	59,121.20	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

62,205.52

58,821.05

59,076.58

59,121.20

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	18:30:07	0.029166	61,914.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

18:30:07

0.029166

61,914.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
884,470,631.98	14,576.75	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

884,470,631.98

14,576.75

Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why

23/04/2024 5:09am

NEWSBTC

Ethereum price is gaining pace above the $3,120 resistance zone. ETH could continue to move up unless there is a daily close below the $3,030 level. Ethereum extended its increase above the $3,150 resistance zone. The price is trading above $3,150 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up unless the bears push it below the $3,030 zone. Ethereum Price Extends Increase Ethereum price started a recovery wave and was able to clear the $3,000 resistance, like Bitcoin. ETH even climbed above the $3,050 and $3,120 resistance levels to move into a positive zone. It traded to a new weekly high at $3,234 and is currently consolidating gains. There was a minor decline below the $3,200 level. Ether dipped below the 23.6% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high. Ethereum is now trading above $3,150 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high. Immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 level. The next key resistance sits at $3,280, above which the price might gain traction and rise toward the $3,350 level. Source: ETHUSD on TradingView.com A close above the $3,350 resistance could send the price toward the $3,500 resistance. If there is a move above the $3,500 resistance, Ethereum could even test the $3,550 resistance. Any more gains could send Ether toward the $3,720 resistance zone in the coming days. Downside Correction In ETH? If Ethereum fails to clear the $3,235 resistance, it could start a downside correction. Initial support on the downside is near the $3,175 level. The first major support is near the $3,160 zone and the trend line. The main support is near the $3,150 level and the 100-hourly Simple Moving Average. A clear move below the $3,150 support might increase selling pressure and send the price toward $3,030. Any more losses might send the price toward the $2,850 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $3,150 Major Resistance Level – $3,235

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